Parag Agrawal, the former CEO of Twitter, has secured approximately $30 million in funding for his new artificial intelligence (AI) startup, according to reports.
Khosla Ventures, an early supporter of OpenAI, led the funding round, with participation from Index Ventures and First Round Capital. While details about the startup’s name and product remain undisclosed, sources familiar with the deal suggest that it will focus on building software for developers of large language models, similar to platforms like OpenAI’s ChatGPT.
Parag Agrawal, an Indian-origin entrepreneur and alumnus of IIT Bombay and Stanford, was appointed as the CEO of Twitter in November 2021. He joined Twitter in 2011 and became the Chief Technology Officer (CTO) in 2017. Elon Musk, who acquired Twitter for $44 billion in 2022, dismissed Agrawal shortly after taking over X (formerly Twitter). The new funding reflects Agrawal’s interest in AI and the growing trend of tech leaders exploring opportunities in artificial intelligence initiatives.